Miller v. Commissioner
United States Tax Court
Ps sustained a net operating loss (NOL) and an alternative minimum tax (AMT) NOL in 1985. Ps elected on their 1985 tax return as follows: "In accordance with Internal Revenue Code Section 172, the Taxpayers hereby elect to forego the net operating loss carry back period and will carryforward the net operating loss." P's then sought to carry back only their 1985 AMT NOL by filing an amended 1984 tax return.
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Ps sustained a net operating loss (NOL) and an alternative minimum tax (AMT) NOL in 1985. Ps elected on their 1985 tax return as follows: "In accordance with Internal Revenue Code Section 172, the Taxpayers hereby elect to forego the net operating loss carry back period and will carryforward the net operating loss." P's then sought to carry back only their 1985 AMT NOL by filing an amended 1984 tax return. Ps contend that the two types of NOL's from a single year may be carried into separate tax years, and that their election did not waive the carryback period as to their AMT NOL. 1. Held: In…
1Opinion of the Court
Gerber, Judge:
Respondent determined a deficiency in petitioners’ 1984 income tax in the amount of $40,117. After concessions, the issue remaining for our consideration is whether petitioners were entitled to carry their 1985 net operating loss (NOL) and alternative minimum tax net operating loss (AMT nol) to different tax years, and, if not, whether petitioners’ election manifested an intent to achieve an unavailable result and is therefore of no effect (i.e., by their attempting to use the NOL’s separately or to waive the carryback period as to only one of the NOL’s).
FINDINGS OF FACT1
Petition…
2Cases cited8 opinions
- Powers v. CommissionerUnited States Tax Court · 1993
- John H. Young and Carolyn J. Young v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1986
- Young v. CommissionerUnited States Tax Court · 1984
- Branum v. CommissionerCourt of Appeals for the Fifth Circuit · 1994
- Plumb v. CommissionerUnited States Tax Court · 1991
3 more not listed; retrieve them via the Exa API.
3Cited by2 opinions
- Brown v. CommissionerUnited States Tax Court · 1995
- Miller v. CommissionerUnited States Tax Court · 1995